Milan: the new Monaco for rich Britons

After concluding the new tax treatment of non-doms makes Britain too expensive to call home, the private jet set are rushing elsewhere.

- Matthew Bishop

Increasingly, Milan and its surrounding countryside is the low-tax destination of choice.

Goldman Sachs vice-chair Richard Gnodde made headlines last week for embracing la dolce vita. He’s the most prominent example of a trend that has strengthened since last summer when the new Labour government made clear it would go ahead with a promised crackdown on wealthy foreigners already worried by Conservative changes to rules that once made London the world’s favourite tax haven.